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On October 1, Sam's Painting Service borrows $50,000 from National Bank on a 3-month, $50,000, 4% note. What entry must Sam's Painting Service make on December 31 before financial statements are prepared?
Evaluate the equivalent units of product for (1) materials and (2) conversion cost for each month and calculate the physical units for January and May.
Create a table of entities and activities. Illustrate a context diagram. Illustrate a physical data flow diagram (DFD).
Due to an error, no depreciation was taken on this machine in 2010. Doe discovered the error in 2011. Illustrate what amount should Doe record as depreciation expense for 2011? The tax rate is 40%.
Using the percentage-of-completion method of accounting for long-term contracts, the percentage of completion used to recognize gross profit in the first year usually is determined by measuring:
Using the information above, calculate the net present value of costs (cash outflows) and decide whether it should be purchased in the budget year. Assume a 10 per cent cost of capital (discount rate).
If the predetermined overhead rate was $6 per machine hour, overhead was underapplied by $40,000, and actual machine hours were 70,000; illustrate what was the actual overhead cost?
Determine the appropriate income statement presentation (sales, cost of sales, gross profit, operating income or expense, non-operating income or expense) for each item noted above. Note that L&L presents a subtotal for operating income on the income..
Evaluate pension expense for the year 2010. Prepare journal entry to record pension expense and the employer's contribution to the pension plan in 2010.
The extent of internal control features adopted by a company must be evaluated in terms of cost-benefit and Companies that fail to maintain an adequate system of internal control
Calculate the subsequent: Current Assets, long term liabilities, contributed capital, total liabilities and stockholder's equity
Net income for the year ended December 31, 2001, was $3,000,000. Assuming an income tax rate of 30%, illustrate what should be diluted earnings per share for the year ended December 31, 2001?
Report Chun Book Store’s plant assets on the company’s balance sheet at December 31, 2010. What will Chun’s income statement for the year ended December 31, 2010, report for this situation?
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